Reach out to Mariel Miller, TheFranchiseAdvisor, when you are in search of good direction and advice to improve your net worth and quality of life through business ownership! TheFranchiseAdvisor is a top Franchise Consultant who works with soon–to–be entrepreneurs.
BY NANCY WEINGARTNER
The franchise expo in New York City is always the biggest and the brightest of the MFV expos, at least in my humble opinion. For one, come on, it’s in New York City. And two, it has a visible and arranged international presence thanks in part to the U.S. Commercial Service, which imports field staff in for the weekend.
By Thomas Scott, CEO of Brand Journalists
The International Franchise Expo is the largest franchise trade show event for potential franchise buyers in the world. This year’s attendance was one of the largest on record, and the event has seen attendance climb in recent years.
More than 400 franchise companies attended, and although the show isn’t fully representative of the franchise industry, it can be a great place to gauge the health of the industry, see what franchising trends are evolving and get a feel for the size and scale of the franchise buying population. If you’re only just learning about the franchising industry and you’re wanting to see if you can get involved with little experience or capital, you could learn about a franchise with low startup costs and also attend this year’s event! At this year’s IFE, participating brands included those from all investment levels, a wide variety of industry segments and full and part–time owner participation requirements.
In the era of self–directed online research, franchise buyers are still interested in seeing what’s out there and meeting a person face–to–face.
Franchise opportunities are on the rise, with more than 3,100 franchise concepts available in almost 300 industries. The International Franchise Association indicated, in its Franchise Business Economic Outlook for 2015 report, that the number of U.S. franchise establishments is projected to increase.
“With the rise in franchise opportunities, there’s an increase in financing to support the franchise concept, including through the U.S. Small Business Administration (SBA),” says Romona Davis, vice president of SBA commercial lending at Ridgestone Bank.
The latest census figures show there are more than 35 million family households with children under the age of 18 in the United States. Of those households, more than 24 million of them have kids under age 12. Wow! Services in this sector are exploding with no signs of slowing down in years to come.
The children’s franchise industry has attracted long–term players who have left their marks, have achieved financial success and now offer a wealth of insight for people wanting to get into this industry. The continued success of kid–centered franchises over the past several years is evidence that parents are always willing to sacrifice in order to give their kids a better future. Thanks to franchising, they’ve got lots of options, from early–learning child–care programs to traditional tutoring to an increasingly diverse collection of fitness, recreation and enrichment businesses.
Career Reinventions and the New Retirement Workscape
According to the latest retirement study by Merrill Lynch “Retirement used to mean the end of work. But now we’re at a tipping point: a majority of people will be continuing to work after they retire – often in new and different ways. Nearly half (47%) of today’s retirees say they either have worked or plan to work during their retirement. But an even greater percentage (72%) of pre–retirees age 50+ say they want to keep working after they retire, and in the near future it will become increasingly unusual for retirees not to work.” Even when many people move into senior living living communities, they choose to keep working in many instances.
Listen to Mariel Miller discuss Finding the Right Franchise Opportunity with Michael Pullman on the Franchisee Connect podcast.
Franchises are today’s hottest entrepreneurial opportunity – provided you know what you’re doing. Let’s say that you are seriously looking into buying a franchise. So, where do you start? This is not an easy question since there are more than 3,100 franchise concepts to choose from. Most people, I have found, regardless of how intelligent or experienced they may be in other businesses, don’t have a clue about how to go about investigating franchise opportunities – or – begin with a host of misconceptions and incorrect assumptions.
So many individuals are exploring franchising today because they are getting tired of exchanging time for dollars in a traditional career. In order to turn curiosity into cash, these possible–entrepreneurs must thoroughly investigate franchise companies and have the guidance and support necessary to do so in an educated fashion. In my experience coaching potential franchisees, the process can take as long as 3–6 months or more. During that time, the question usually comes up: What are the most important questions to ask the franchisor and the franchisees.